Honorable Finance Minister Janardan Sharma on June 21, presented a federal budget of NPR 1.793 trillion for the fiscal year 2079/80 (2022/23) through an ordinance. The budget has targeted economic growth of 5.80% keeping inflation limit at 7.30%.
Social security fund has published a new notice on 10 Asadh 2078 clarifying its benefit patterns, requirement for SSF registration, special benefits for registering within Asadh end 2078.
The fund has stated that the contributor commencing the registration and contribution within Asadh 2078 can opt for 100% retirement benefit. Such contributor, if chosen 100% retirement benefit, will be eligible to withdraw an accumulated contribution amount (i. e. 28.33% of Basic remuneration) plus accrued return as declared by the fund at the time of retirement or at any time after leaving the job. This benefit has been provided through second amendment in the Contribution based social security fund manual, 2075.
Here is the notice published by the SSF:
Minimum Remuneration (Updated) 2078
The Ministry of Labor, Employment and Social Security, Government of Nepal has published a notification in the Nepal Gazette dated 20 Baishakh 2078 increasing the minimum wage for workers using the right provided under section 106 (3) of the Labor Act, 2074.
The minimum wage rates prescribed above will be applicable from 1 Shrawan 2078.
The minimum wage prescribed in the notification is set out below.
|
# |
Calculation Basis |
Basic Remuneration (NPR) |
Dearness Allowance (NPR) |
Total (NPR) |
|
|
Monthly |
9,385 |
5,615 |
15,000 |
|
|
Daily |
361 |
216 |
577 |
|
|
Hourly |
48 |
29 |
77 |
Notes:
1. In addition to the above, benefits like provident fund and gratuity provided by the Labour Act 2017, the Contribution Based Social Security Act 2017 and other prevailing laws must be provided.
2. This notification will be not applicable for workers employed in tea estates.
Calculation of Cost to Company (CTC) per employee paying minimum remunerations:
|
Particulars |
Monthly (NPR) |
Annually (NPR) |
|
Basic Salary |
9,385 |
122,005 |
|
Dearness allowance |
5,615 |
67,380 |
|
SSF Contribution |
1,877 |
22,524 |
|
Total CTC |
16,877 |
211,909 |
Calculation of regular cash income for employee receiving minimum salary/wages:
|
Particulars |
Monthly (NPR) |
Annually (NPR) |
|
Basic Salary |
9,385 |
122,005 |
|
Dearness allowance |
5,615 |
72,995 |
|
Gross salary |
15,000 |
195,000 |
|
SSF contribution (11% of basic salary) |
(1,032) |
(13,421) |
|
SST-Not required |
- |
- |
|
Net cash income |
13,968 |
181,579 |
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